SEC's ESG Task Force Nets First Fine In BNY Mellon Case

By Al Barbarino (May 23, 2022, 7:14 PM EDT) -- The U.S. Securities and Exchange Commission announced Monday it had fined a Bank of New York Mellon advisory unit $1.5 million over alleged environmental, social and governance disclosure failures, in the first announcement tying a settled order directly to the work of its ESG task force.

BNY Mellon Investment Adviser Inc., a wholly owned subsidiary of BNY Mellon, misled clients into thinking that certain fund investments had undergone so-called ESG quality reviews when in fact they had not, the SEC said.

"As this action illustrates, the commission will hold investment advisers accountable when they do not accurately describe their incorporation of...

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